For his​ business, Nicholas leased equipment valued at $19,000. The terms of the lease required payments of ​$1550 every month. If the first payment is due eighteen months after the lease was signed and interest is 5​% compounded semi-annually​, what is the term of the​ lease? State your answer in years and months​ (from 0 to 11​ months).

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.